The Minister of Works and Transport, Babatunde Raji Fashola and his
Finance counterpart, Zainab Ahmed have said the President Muhammadu
Buhari-led Federal Government can not stop borrowing to finance
projects.
Ahmed explained that there was an urgent need to fund the 2020 budget
to improve infrastructural development and create jobs, hence the need
to borrow.
She stated this on Tuesday while appearing before the House of
Representatives Committee on Aids, Loans and Debt Management to defend
the loan request of $22.718 billion presented to the Senate by Buhari.
Ahmed said: “We need to invest in roads, rails, and to be able to grow
at a growth rate better than how we are growing now. The loans are
strictly for infrastructure development. So that we can address the
deficit that we have. We know we must comply with some criteria.”
She also dismissed fears over the loan, saying that “Nigeria does not
have a debt sustainability problem but revenue challenge.
On his part, Fashola, assured that every money borrowed would be
judiciously used for the purpose they were gotten.
Fashola stated that the government could not ignore the
infrastructural development needed in Nigeria.
He said: “It is right to have this hearing because we cannot ignore
the concerns of the members of the public over the debt profile of the
country.
“As we cannot ignore the concerns about debts, so we cannot ignore the
concerns and demands for the provision of life sustaining
infrastructure.
“So, everybody wants a road, everybody wants a rail project, everybody
wants a port and efficient airports.
“They want to ensure that our ports are efficient so that business can
function more effectively, so that clearing of goods can happen more
quickly and cheaply.”
